WASHINGTON — Bipartisan legislation has been introduced that would overhaul the regulatory oversight of the government sponsored enterprises of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
H.R. 1427, the "Federal Housing Finance Reform Act of 2007," was introduced by Congressman Barney Frank (D-Mass.) with Reps. Richard Baker (R-La.), Mel Watt (D-N.C.) and Gary Miller (R-Calif.).
"This is a very important bill which will enhance the regulatory authority in an appropriate manner, while significantly improving the contribution the GSEs will make to increasing the stock of affordable housing in the country," said House Financial Services Committee Chairman Frank.
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